PANAJI
Postal services can take a backseat at the good old post office. It is now time to rake in the moolah feel the top honchos at the Indian Post (post office) as they push their tax saving financial deposit schemes with the financial year-end nearing and is just a week away.
Salaried middle class usually look to invest in tax saving schemes in this March month so they can claim income tax rebates by doing so. And, the Post Office offers a variety of Small Savings Schemes, best suited to achieve this tax saving goal.
Post offices across the country have in recent years given its banking services primacy over core postal services, a strategy said to be forced by the digital takeover of communications.
According to a GPO Panaji official, investing in their National Savings Certificate (NSC) scheme of the returns of 7.7% are guaranteed over its 5-year term, besides the tax exemptions the invester can claim.
Additionally, the maturity amount at the end of the five year term is also exempted from taxes and the amount that can be invested must be in multiples of ? 100 or ? 1,000, the official said.
Any Indian citizen above 18 years of age can invest in National Savings Certificate (NSC) either singly or jointly with two others. Investments on behalf of a child above 10 years of age can also be made under parental supervision, he added.
Articulating the tax benefits of NSC investment, the official said, a maximum deduction of up to Rs 1.5 lakh under section 80C of the Income Tax Act, is available.
NSC investments can be made at any post office across India, he said.
